Ceylinco Insurance posts Rs 2.1 b PAT

Ceylinco Insurance recorded an after tax profit of Rs. 2.1 billion, for the year ended December 31, 2013, a growth of 28% over the previous year.

The General Division contributed Rs. 878 million while the Life Division of Ceylinco Insurance contributed Rs.1,240 million.

The consolidated results recorded growth, with the profit before tax reaching Rs. 3.1 billion, and after tax profit Rs. 2.9 billion, an increase of 37% over the previous year.

In 2013, Ceylinco Insurance built upon the continuous success of previous years, further consolidating its position as the market leader for the 10th consecutive year.

The company recorded a premium income of Rs. 22.7 billion in 2013, with the premium income of the General Division reaching Rs.11.6 billion, an increase of nearly Rs. 500 million, year-on-year. Similarly, Ceylinco Life recorded a premium income of Rs.11.1 billion.

The Motor Insurance premium income alone stood at Rs. 7 billion, with Non Motor Insurance contributing Rs. 4.6 billion to the total premium income of the General Division.

Managing Director and Chief Executive Officer of Ceylinco Insurance - General, Ajith Gunawardena, said, "In the competitive insurance arena, Ceylinco Insurance maintained the leading edge and what we achieved in 2013 was in line with our expectations.

We have succeeded by holding true to our beliefs, and we are committed to managing our business with great discipline and forethought."

"Our main focus, as always, remains the driving force in business, the customer, and during the year, Rs 5.7 billion was paid out by Ceylinco Insurance - General, as claims," he said.

Managing Director and Chief Executive Officer, R. Renganathan, said, "The year marks a decade of unbroken market leadership for Ceylinco Life in the long term insurance segment. This is a huge achievement in the context of the ever-increasing levels of competition and the tactics employed by some smaller players in the market to achieve short term growth."

"Ceylinco Life has always focussed on the principal basis for Life Insurance - to provide the best possible protection to policyholders and their loved ones," he said.

Up to the end of 2013, the total investments of the Company, including Life and General Divisions, exceeded Rs. 58.9 billion, while assets grew by 19.2%.